1290 GAMCO Small/Mid Cap Value Fund

1290 Asset Managers® | GAMCO Asset Management, Inc.

Investment Philosophy / Process

Search for companies with attractive Private Market Value, or PMV (the price an informed industrialist would pay for the entire company) and a catalyst, an event to surface the value of the company

Utilize Columbia University professors Benjamin Graham and David Dodd's "Margin of Safety" concept – by investing in securities with a material difference between their market and estimated intrinsic values

Seek to buy reasonably-priced and strong franchises within GAMCO's circle of competence

$1,000,000 for certain
institutions and individuals
• $1,000 for certain
employees (or their
immediate family
members) of AXA
Financial or its
subsidiaries
• Class I Shares are
available to clients of
registered investment
advisers who have
$250,000 invested in
the Fund

Fund Objective

Seeks to maximize capital appreciation.

How the Fund invests

Under normal circumstances, the Fund intends to invest at least 80% of its net assets, plus borrowings for investment purposes, in securities of small- and mid-capitalization companies. For the Fund, small-capitalization companies generally are companies with a market capitalization less than $3 billion at the time of investment, and mid-capitalization companies generally are companies with a market capitalization between $3 billion and $12 billion at the time of investment.

Portfolio Manager

Mario J. Gabelli, CFA®

Chief Investment Officer, Value Products

Mario J. Gabelli is the Chairman and Chief Executive Officer of GAMCO Asset Management, Inc., the firm he founded in 1976. A 1965 summa cum laude graduate of Fordham University's College of Business Administration, he also holds an M.B.A. from Columbia University Graduate School of Business, and honorary doctorates from Fordham University and Roger Williams University.

The Fund's investments in mid- and small-cap companies may involve greater risks than investments in larger, more established issuers because they generally are more vulnerable than larger companies to adverse business or economic developments.

Top 15 Holdings as of 12/31/2017 subject to change

Security

Weight %

Tribune Media Co., Class A,

2.80%

Viacom, Inc., Class B,

2.30%

Orbital ATK, Inc.,

2.20%

Herc Holdings, Inc.,

2.10%

TimkenSteel Corp.,

2.00%

Kaman Corp.,

2.00%

Flowserve Corp.,

1.80%

Twin Disc, Inc.,

1.80%

Navistar International Corp.,

1.80%

EW Scripps Co. (The), Class A,

1.70%

Advanced Accelerator Applications SA (ADR),

1.70%

National Fuel Gas Co.,

1.70%

Evolent Health, Inc., Class A,

1.60%

GCP Applied Technologies, Inc.,

1.60%

Ryman Hospitality Properties, Inc. (REIT),

1.50%

Top holdings exclude cash, cash equivalents and money market funds.

Monthly Performance as of 01/31/2018

Total Returns

Fund

1 month

3 month

YTD

1 yr

3 yr

SI1

Class A (NAV)

2.74%

7.56%

2.74%

20.52%

13.57%

12.23%

Class A with sales charges (MOP)2

-2.95%

1.62%

-2.95%

13.86%

11.46%

10.28%

Class I (NAV)

2.74%

7.56%

2.74%

20.81%

13.85%

12.50%

Class R (NAV)

2.67%

7.44%

2.67%

20.25%

13.27%

11.94%

Russell 2500 Value Index3

1.26%

4.99%

1.26%

11.14%

10.70%

9.29%

< Swipe table for more info >

Quarterly Performance as of 12/31/2017

Total Returns

Fund

1 month

3 month

YTD

1 yr

3 yr

SI1

Class A (NAV)

0.92%

2.93%

19.29%

19.29%

11.21%

11.62%

Class A with sales charges (MOP)2

-4.60%

-2.74%

12.69%

12.69%

9.15%

9.63%

Class I (NAV)

0.93%

2.93%

19.57%

19.57%

11.49%

11.89%

Class R (NAV)

0.92%

2.79%

19.00%

19.00%

10.94%

11.35%

Russell 2500 Value Index3

0.40%

4.25%

10.36%

10.36%

9.30%

9.12%

< Swipe table for more info >

Expense Ratios as of 03/01/2017

Fund

Gross Expense Ratio

Net Expense Ratio4

Class A Shares

4.38%

1.25%

Class I Shares

4.09%

1.00%

Class R Shares

4.65%

1.50%

Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance data may be higher or lower than actual data quoted. For the most current month-end performance data please call (888) 310-0416.

One cannot invest directly in an index.

Returns for periods of less than one year are not annualized.

1Fund inception date of November 12, 2014.

2Maximum Offering Price (MOP) for Class A shares includes the Fund's maximum sales charge of 5.50%. Performance shown at NAV does not include these sales charges and would have been lower had it been taken into account.

3Russell 2500 Value: An unmanaged index which contains those Russell 2500 securities (the bottom 500 securities in the Russell 1000 Index and all 2,000 securities in the Russell 2000 Index) with a less-than-average growth orientation.

4Pursuant to a contract, 1290 Asset Managers has agreed to make payments or waive its management, administrative and other fees to limit the expenses of the Fund through April 30, 2018 (unless the Board of Trustees consents to an earlier revision or termination of this arrangement) ("Expense Limitation Arrangement") so that the annual operating expenses of the Fund (exclusive of taxes, interest, brokerage commissions, capitalized expenses (other than offering costs), fees and expenses of other investment companies in which the Fund invests, 12b-1 fees, and extraordinary expenses) do not exceed an annual rate of average daily net assets of 1.00% for Class A shares, Class I shares and Class R Shares of the Fund. The Expense Limitation Arrangement may be terminated by 1290 Asset Managers at any time after April 30, 2018.

About AXA

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Important Disclosures:An investor should consider investment objectives, risks, charges and expenses carefully before investing. Click the link to obtain a Prospectus which contains this and other information, or call 888-310-0416. Read the Prospectus carefully before investing.
1290 Funds® is a registered service mark of AXA Equitable Life Insurance Company, New York, NY 10104.
The 1290 Funds® are not suitable for all investors. Subject to investment risks, including possible loss of the principal amount invested.
The 1290 Funds® are subject to several risk factors which are explained by clicking here.
The 1290 Funds® offer several ways for investors to reduce or eliminate sales charges. A brief summary of some of the ways is explained by clicking here. For more details, read your Fund's Statement of Additional Information or speak with your financial advisor.
Diversification does not eliminate the risk of experiencing losses.
The 1290 Funds® are new and have a limited operating history.
Fund's performance does not guarantee future results.
Mutual funds, annuities, and other investments are not insured or guaranteed by the FDIC or by any other government agency or government sponsored agency of the federal government or any state, not deposits, obligations, or guaranteed by any bank or its affiliates and are subject to investment risks, including possible loss of the principal amount invested.
Alternative investments may have different characteristics and risks than do traditional investments, can be highly volatile, may be less liquid, particularly in periods of stress, and may be more complex and less transparent than traditional investments.
Fund of funds risk: A fund that invests in ETFs will indirectly bear fees and expenses charged by those ETFs, in addition to the fund's direct fees and expenses. The cost of investing in the Fund, therefore, may be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. In addition, the Fund's net asset value will be subject to fluctuations in the market values of the ETFs in which it invests.
The Funds are distributed by ALPS Distributors, Inc. ALPS Distributors, Inc., which is not affiliated with AXA Equitable Life Insurance Company, AXA Investment Managers, Inc., Rosenberg Equities Investment Management LLC, GAMCO Asset Management, Inc., Pacific Investment Management Company LLC, Palisade Capital Management, LLC, TCW Investment Management Company, or DoubleLine Capital LP. ALPS, A DST Company, 1290 Broadway, Suite 1100, Denver, CO 80203.